Legal Briefs April 7, 2011

Your update of the regulatory landscape.

IRS Pays Up After UBIT Smackdown

Members and employees of the Colorado based Bellco Credit Union are all smiles this week after the credit union received three IRS checks totaling over $291,000 as the result of the favorable outcome of their legal challenge to UBIT.

Depositaries Requested to Adhere to Levy Compliance Rules

The IRS is asking depositaries (banks, credit unions, savings and loans, and similar institutions) to review and understand the responsibilities associated with processing levies.